As Morgan Creek Digital co-founder Anthony Pompliano noted on social media April 17, Bitcoin’s ‘on-chain’ transaction volumes grew to $7 billion per day earlier this week.
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Those figures came purely from standard transactions, not those done ‘off-chain,’ for example via the Lightning Network.
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By contrast, Pompliano notes, some fiat-based networks handle significantly less – and could even lose out to Bitcoin as it advances.
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Specifically, PayPal’s Venmo, which offers database-powered instant transactions and near-zero transaction fees, moved $62 billion in value last year.
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This means that in one day, Bitcoin achieved 11 percent of the company’s annual volume. ⠀⠀